August 17, 1998 was one of those days that stays with you forever. This was the day Russia decided i...
August 17, 1998 was one of those days that stays with you forever. This was the day Russia decided it could no longer honour its debt obligations. Institutions played at outdooming each other, as they contemplated the possible demise of emerging markets as a credible asset class. The spread on the JP Morgan Emerging Market Bond Index soared and for a few fleeting moments the global banking system held its breath. That was four years ago and the banking system survived and emerging markets have never looked back, with now an interesting (if not entirely clear) outlook for both the hard ...
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